secondary lender
secondary lender. A wholesale mortgage buyer who purchases first mortgages from banks and savings-and-loan associations, enabling them to restock their money supply and loan more money.
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star paging
star paging, n. 1. A method of referring to a page in an earlier edition of a book, esp. a legal source. • This method correlates the pagination of the later edition with that of the earlier (usu. the first) edition. 2. By extension, the method of displaying on a computer screen the page breaks
strict foreclosure
A rare procedure that gives the mortgagee title to the mortgaged property — without first conducting a sale — after a defaulting mortgagor fails to pay the mortgage debt within a court-specified period. • The use of strict foreclosure is limited to special situations except in those few states that permit this remedy generally. [Cases:
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interim trustee
A bankruptcy trustee appointed to perform all the functions and duties of a trustee until the regular trustee is selected and qualified. • Before the meeting of creditors, the interim trustee often preliminarily investigates the debtor’s assets and financial affairs. [Cases: Bankruptcy 3002. C.J.S. Bankruptcy § 195.]
words of limitation
words of limitation. Language in a conveying instrument — often nonliteral language — describing the extent or quality of an estate. • For example, under long-standing principles of property law, the phrase “to A and her heirs” creates a fee simple in A but gives nothing to A’s heirs. See LIMITATION(4). [Cases: Deeds 120–136; Wills
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subject
subject, adj. Referred to above; having relevance to the current discussion ( the subject property was then sold to Smith). subject, n. 1. One who owes allegiance to a sovereign and is governed by that sovereign’s laws (the monarchy’s subjects). “Speaking generally, we may say that the terms subject and citizen are synonymous. Subjects and
new york supplement
New York Supplement. A set of regional lawbooks, part of the West Group’s National Reporter System, containing every published appellate decision from intermediate and lower courts of record in New York, from 1888 to date. • The first series ran from 1888 to 1937; the second series is the current one. — Abbr. N.Y.S.; N.Y.S.2d.
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wraparound mortgage
wraparound mortgage 二次抵押权 指在第一抵押权以外存在的抵押权。这种二次融资形式通常发生在如下情形：抵押人甲在原财产上已设定抵押，贷款人乙以低息向其贷款并取得该财产上的抵押权，后贷款人丙以中等利息向抵押人提供额外贷款，并获得该财产全部价值的次顺位抵押权〔junior mortgage〕。丙所取得的即为二次抵押权。亦作「extended first mortgage」;「allinclusive mortgage」。
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freedom of association
freedom of association. The right to join with others in a common undertaking that would be lawful if pursued individually. • This right is protected by the First Amendment to the U.S. Constitution. The government may not prohibit outsiders from joining an association, but the insiders do not necessarily have a right to exclude others.
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